409.618 Rights and duties of certain secondary obligors.
(1) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a) Receives an assignment of a secured obligation from the secured party;
(b) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(c) Is subrogated to the rights of a secured party with respect to collateral.
(2) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in sub. (1):
(a) Is not a disposition of collateral under s. 409.610; and
(b) Relieves the secured party of further duties under this chapter.
History: 2001 a. 10.